Yoox Group, the Bologna, Italy-based Internet retailer, said Thursday that it plans to go public in the first part of 2009.
The company has hired Eidos Partners to be the financial adviser for the initial public offering planned for the Milan Stock Exchange. Eidos has listed five companies on the exchange in the last three years.
Yoox Group sells out-of-season merchandise from designers such as Prada, Gucci, Valentino, Dolce & Gabbana, Yves Saint Laurent, Marni and Chloé on yoox.com. Sales gained 38.5 percent to $134 million in 2007 compared with the previous year and operating profits tripled. The company said those growth trends continued in the first quarter of 2008.
Founded in 2000 by Federico Marchetti, who is chief executive officer, Yoox Group operates in 53 countries and has almost 4 million visitors a month. The company last year delivered more than a million items to customers around the world.
Discounted designer apparel, shoes, accessories and jewelry are not the full extent of Yoox's offerings. Yoox.com stocks vintage clothing and special collections made specifically for the online store. A Christian Dior vintage sale this month will feature expensive museum-quality dresses and jewelry as well as items at more accessible prices.
Yoox.com's collaborations include Hussein Chalayan's men's wear collection and Margherita Missoni's $640 bracelet for Yoox, which benefits OrphanAid Africa.
In addition to yoox.com, Yoox Group develops and runs e-commerce sites for Diesel, Emporio Armani, CP Company and Valentino. The company calls the monobrand sites "powered by Yoox" business. The newest powered by Yoox property is thecorner.com, which is designed like a high-end department store with corners for designers such as Marc Jacobs, Veronique Branquinho, Viktor & Rolf, Etro, Bernard Willhem and Jas. M.B. The goal of the site is to bring niche brands previously available in limited locations to a wider public.
Yoox is owned on a fully diluted basis by three investors, who hold a total of 58.2 percent, as well as Marchetti, 8.1 percent; the management team through stock options, 21.7 percent, and 30 private investors, who hold 12 percent. Marchetti said Yoox Group will continue to invest in innovation for its e-commerce platform and identifying and penetrating new markets."We'll concentrate on the strength and creativity of our team, whose average age is 30 — young people who've developed a unique skill set," he said.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)